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India Property Expo in Dubai Seals Rs 65.33 cr Deal

The 12th India Realty Expo 2009 held in Dubai saw 106 flats worth Rs 65.33 crore being booked, a senior real estate industry official said. “106 flats worth Rs 65.33 crore were booked (during the expo),” Maharashtra Chamber of Housing Industry (MCHI), CEO, Zubin Mehta, said in a press release issued here. “Around 86 flats worth Rs 80.18 crore are in the pipeline when the NRIs come down to India in July-August on their annual vacation,” Mehta added. MCHI is a leading body of real estate builders and developers. The expo evoked an encouraging response with 2,700 NRIs visiting the exhibition in three days during June 4-6, the release said.

“The softening of real estate prices and home loan interest in India were the key reasons that attracted a large number of NRIs during the expo,” Mehta said. Fifteen leading developers and builders showcased their properties at the realty expo. Home finance institutions which participated in the expo included HDFC, DHFL and Bank of Baroda, the release said. “Majority of the walk-ins was Mumbai-specific and this reflected into an opportunity for the developers to close a few deals during the expo itself,” MCHI’s Co-ordinator and Co-Chairman, International Exhibitions, J S Augustine, said. That the expo took place in Dubai when the first signs of an economic revival globally were being witnessed also made a positive impact, he said.

The exhibition, which was inaugurated by Consul (Commerce) to the Consulate General of India, Dubai, Partha Roy, aimed to provide a one-stop solution to all the needs of NRIs intending to purchase a property in India, the release said. MCHI’s President, Pravin Doshi, describing the response as “encouraging”, said that “this encouraging response denotes the demand and popularity of housing in India by NRIs in the Middle-East.” The 15 developers who participated in the expo were Ajmera Builders, Mayfair Group, Akar Creations, Better Homes, Everest Developers, Hiranandani Constructions, Marathon Group, Nahar Group, Nirmal Lifestyle, Nyati Group, Our Town, Pathy Housing, Pranjee Group, Rustomjee and Total Environment.